GoAnywhere MFT is the Ultimate Asset for Banking and Finance
For banking and financial organizations, protecting sensitive customer data and meeting compliance requirements for regulations is critical.
From controlling the exchange of sensitive cardholder data, to tracking file movements for easy auditing, GoAnywhere Managed File Transfer (MFT) is an optimal solution for the banking and finance industry.
What is GoAnywhere MFT?
GoAnywhere MFT is a secure file transfer solution that works for banks, financial organizations, and business associates alike to streamline, encrypt, and automate crucial file transfers.
Related Reading: 5 Ways to Protect Your Financial Organization from a Data Breach
How Does GoAnywhere Safeguard & Simplify File Transfers?
GoAnywhere simplifies and secures file transfer operations, in transit and at rest, for those in banking and finance by doing the following:
- Complying with PCI DSS and other transfer requirements/regulations
- Translating and converting data to and from popular formats like EDI X12, EDIFACT, and XML
- Running on key platforms like Windows, IBM i, Mac OS, and Linux
- Supporting secure protocols like FTPS, SFTP, and HTTP(S)
- Encrypting data using FIPS 140-2 compliant AES and Triple DES algorithms
- Meeting popular encryption methods like Open PGP and Zip with AES
Related Reading: PCI DSS Compliance with Managed File Transfer
File Transfer for the Banking & Finance Industry
Secure file transfer is utilized in the banking and finance industry on a daily basis to:
- Meet file transfer requirements for the following regulations and considerations: PCI DSS, GLBA, Basel III, SOX 404 and 409, Dodd-Frank Act, and Check 21 x 937 (image files).
- Control the exchange of sensitive cardholder data with the use of centralized controls, security settings, and reliable transmission protocols.
- Track file movements for easy auditing by recording and retaining logins, file transfer transactions, and any encountered errors.
- Reduce costs, streamline processes, and free up resources by allowing employees to disconnect from tedious business operations and spend time on more important projects.
Related Reading: How Banks are Benefiting from MFT Integration
Real Ways GoAnywhere Has Helped the Banking & Finance Industry
GoAnywhere MFT has worked with many banking and financial organizations over the years to save time, money, and transfer sensitive cardholder data without error securely.
Here are some examples of how GoAnywhere helps real banking and financial institutions improve the security of their customers’ private fiscal information.
1. FPS Gold
When FPS Gold’s previous managed file transfer solution started to lose files and have other problems, they knew they need to find a better solution. Enter GoAnywhere MFT.
Since installing GoAnywhere, FPS Gold has experienced numerous benefits, particularly reliability and added flexibility. From creating templates for each type of transfer, to testing connectivity, the features and customizability of GoAnywhere have been largely beneficial for this institution.
2. Think Mutual Bank
After Think Mutual Bank began to search for a way to transfer data between disparate banking systems, they wanted the whole package. GoAnywhere MFT was the right fit for this Midwestern institution.
GoAnywhere MFT is now up and running whenever Think Mutual Bank needs it and helps by meeting this organization’s specific needs with the database conversion, the database push, and the secure FTP.
3. Alliant Credit Union
Alliant Credit Union’s file transfers must consistently meet the needs of their members and remain 100% PCI DSS compliant.
Before GoAnywhere MFT came along, this credit union relied on a combination of solutions and manual file transfer to execute their daily business requirements.
Now, with GoAnywhere’s assistance, Alliant Credit Union can:
- Solve many in-house problems and improve their data security overall
- Save time and resources on in-house programming and admin work
- Secure email transfer with Secure Mail, cluster active-active failover, and integrate their database(s)
- Integrate GoAnywhere with their enterprise scheduler, utilize GoDrive, and enhance their PCI DSS compliance with GoAnywhere MFT Agents
4. Bank of Tennessee
The Bank of Tennesse’s top priority is exchanging files securely and efficiently with customers. The sensitive information ranges from money transfers, check deposits, balance statements, and more.
Along with securing file transfers, the Bank of Tennessee can utilize GoAnywhere MFT to:
- Encrypt data in transit and at rest
- Automate their processes to simplify the delivery of information and setup of bank users
- Ensure their meeting the highest security requirements for file transfer with GoAnywhere’s Advanced Reporting module and PCI DSS Security Audit report
5. Sentinel Benefits & Financial Group
The efficiency, accuracy, and security of highly sensitive data is of the utmost importance to Sentinel Benefits & Financial Group.
Before implementing GoAnywhere MFT, this organization relied on custom scrips, with a disarray of batch scripts all over the network on many machines. This caused unnecessary stress due to nothing being centralized.
With the help of GoAnywhere, Sentinel Benefits & Financial Group can create, edit file transfer jobs, and keep an eye on security from a user standpoint. They also utilize GoAnywhere for various workflows, data translation, and can complete 600-700 transactions in seconds.
6. Fidelity Express
Fidelity Express uses GoAnywhere MFT to automate the data flow to and from their business partners, allowing them to no longer rely on manually written software scripts.
Along with the built-in security functions helping them to ensure their files are locked down in transit, GoAnywhere helps Fidelity Express to:
- Have more flexibility when bringing on new business and working with trading partners
- Work with multiple file formats and ensure easier file resubmissions
- Send more than 4,000 files a week
7. Tulsa Federal Credit Union
Initially, Tulsa Federal Credit Union’s file transfers were most often handled by a single IT Administrator. However, due to a heavy load of high priority projects, the responsibilities would often fall on the shoulders of an unprepared and discombobulated employee.
After realizing the repetitive task of file transfers could be better handled in an automated fashion, this credit union looked elsewhere. The quick set up and superior functionality of GoAnywhere MFT made their decision an easy one.
Since implementing GoAnywhere, Tulsa Federal Credit Union can relax knowing their transfers are delivered and retrieved successfully. They also have plans to incorporate more automation projects in the near future.
8. Banco Bolivariano
Banco Bolivariano is one of the most important financial organizations in Ecuador with a high volume of transactions that the bank must manage. When their custom-developed tool could no longer support the number of transactions, they turned to GoAnywhere MFT after evaluating several different solutions.
Now, with GoAnywhere’s assistance, Banco Bolivariano can:
- Automate and secure more than 1,000 file transfer process and related tasks
- Improve transfer times and manage a greater number of transfers simultaneously
- Encrypt and audit the information sent to client, banks, and credit card processors
- Comply with PCI DSS and other industry regulations